Nearly two-thirds (264) of the 420 firefighters and fire officers who retired from the Fire Department of New York (FDNY) during 2016 are eligible to collect pensions of at least $100,000, according to data posted today on SeeThroughNY, the Empire Center’s transparency website.
The number of retirees receiving pensions over $100,000 from the New York State and Local Retirement System (NYSLRS) continued to increase during the system’s 2017 fiscal year, according to data uploaded today to SeeThroughNY, the Empire Center’s transparency website. A total of 3,817 retirees collected pensions over $100,000 during the fiscal year ending March 31.
At least 849 public employees have received special permission to collect government paychecks while also collecting public pensions, according to data posted today on SeeThroughNY, the Empire Center’s transparency website.
Wednesday, Mayor de Blasio presented a fiscal 2018 Executive Budget that called for pension contributions totaling $9.6 billion — another all-time high. Yet city pension plans remain significantly underfunded even by lenient government accounting standards, posing a big risk to New York’s fiscal future.
Pension system investments "are all in danger of veering off the road, just at different speeds," the Empire Center’s E.J. McMahon said in October.
“It’s definitely an outmoded way to fund retirements when you look at how the private sector has moved toward defined contribution retirement plans,” Girardin said. “Every year we remain in the pension business, we’re putting taxpayers who haven’t even been born yet on the hook for paying benefits 50 or 60 years from now.”
Pensions averaged $68,334 for teachers and other professionals who retired in school year 2015-16 after working at least 30 years in New York State public schools.
The New York State Teachers' Retirement System (NYSTRS) will reduce its pension contribution rates for a third consecutive year in 2017-18, even though the pension fund's investment returns came in well below its target rate in fiscal 2016.